Small Cap Feast

Small Cap Feast – 11 February 2020

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What’s Cooking in the IPO Kitchen?


Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m.  The Group’s key producing assets, the Kagem emerald mine in Zambia  (believed to be the world’s single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the  Faberge brand. Due Valentines Day 2020.

Main Market (Standard List)

The Proof Of Trust has announced its intention to list on the Standard Market.  The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes.  Transaction details TBC.

Main Market (Premium)

Ninety One –proposed demerger and public listing of  Investec’s  global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march.

Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m.  Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies.  Due 14 Feb.

The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m.   Due 28 February.

Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO.   The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn.   First day of dealings expected early February.

NEX Exchange

Zapp Scooters, a developer and manufacturer of electric two-wheeled vehicles announced its intention to IPO on the NEX Exchange Growth Market.  The Company intends to raise up to £3.5m. Admission is expected to occur on NEX in February 2020.


Breakfast Buffet

PowerHouse Energy (PHE.L) 0.875p £17.7m

The UK technology company pioneering hydrogen production from waste plastic, is pleased to announce that it has entered into a supplemental collaboration agreement with Peel Environmental which aims to accelerate the development of the Protos Energy Park and four further DMG® sites in the UK.

The Supplemental Agreement allows Peel to act as the developer of Protos and four further DMG® sites in the UK pending finalising the proposed acquisition of W2T by PowerHouse, with W2T relinquishing its entitlement to UK exclusivity for the technology and development rights of PowerHouse’s DMG® technology.

The Supplemental Agreement is intended to prevent any delays in the development of Protos and four further DMG® sites in the UK which have been identified as the most likely to be developed first.  The remaining six sites under the Collaboration Contract remain unaffected by the Supplemental Agreement, however the technology and development rights will all revert to PowerHouse on completion of the proposed acquisition of W2T.


Angle (AGL.L) 73p £126m

The liquid biopsy company, is announced that a customer, the Edith Cowan University in Perth, Western Australia has published results of research into the use of ANGLE’s Parsortix® system with melanoma patients. 

The research shows that the Parsortix system can be used to investigate the heterogeneity of the cancer allowing full molecular analysis of the cancer.  The researchers believe this opens the potential for liquid biopsy to be used for prognostication (assessing prognosis) and treatment response monitoring in melanoma.

In a pilot study of 28 melanoma patients, those with circulating tumour cells (CTCs) present in their blood, harvested by Parsortix, had significantly shorter overall survival with a hazard ratio of 7.8x meaning that patients with a positive Parsortix CTC score were 7.8x more likely to die during a 60 week follow-up period than those with a negative CTC score.  In clinical use, the stratification of patients into high and low risk groups may allow improved treatment decisions, taking into account disease status. The research also favourably compared results from the Parsortix system with some competing systems.


Cora Gold (CORA.L) 6.25p £8.1m

2.61g/t Au over 29m Intercepted at Sanankoro .

The West African focused gold exploration company, announced the first drill results from its campaign, which commenced in November 2019 at its Sanankoro Gold Project Southern Mali.  Drilling mainly targeted deeper oxide and sulphide extensions to the Maiden pit constrained Inferred Mineral Resource of 5.0 million tonnes (Mt) at 1.6 g/t Au for 265,000 ounces of gold.


o  SC241: 2.61 g/t Au over 29m from 82m including;

  • 3.89 g/t Au over 12m in sulphide portion of the hole

o  SC246: 4.2 g/t Au over 7m from 101m including;

  • 8.38 g/t Au over 3m

o  SC248: 2.05 g/t Au over 14m from 61m including;

  • 3.31 g/t Au over 7m

o  SC248: 1.08 g/t Au over 18m from 84m

o  SC250: 1.68 g/t Au over 4m from 137m, hole ended in mineralisation

There is significant scope to increase the open pit Resources with further successful drilling.


Gaming Realms (GMR.L) 8.05p £22.9m

The developer and licensor of mobile focused, real money games, announces a trading update for the full year to 31 December 2019.

The Company expects to report FY19 revenue modestly ahead of the Board’s expectations. This encouraging performance has been driven primarily by the Company’s content licensing business, which has continued to go from strength to strength, with eight new licensing agreements added during FY19. Due to this revenue performance and the continuing control of costs, the Company anticipates reporting a FY19 adjusted EBITDA loss of approximately £0.5m. The positive momentum has continued into the start of FY20, with the Company launching its content on the sites of Leo Vegas, the Swedish mobile gaming company, and Buzz Bingo, the online site of one of the UK’s largest owners of land-based bingo halls.  Patrick Southon, CEO, has decided to step down from the Board with immediate effect. The Company’s Non-Executive Chairman, Michael Buckley, will become Executive Chairman until a replacement is found. Michael will be supported in his role by Mark Segal, who has been CFO of the Company for six years.


Alien Metals (UFO.L) 0.185p £2.5m

Update on the Company’s Donovan 2, copper-gold project. Further to the 30 January 2020 announcement, the Company has now commissioned the IP survey to generate high-priority drill targets.


–      The Donovan 2 Copper-Gold project contains a prospective Volcanic Massive Sulphide (‘VMS’) target, identified by previous sampling and mapping programmes

–      A Ground Magnetic Induced Polarisation (IP) survey over the VMS target is being conducted in order to generate high-priority drill targets

–      Results expected during Q1 2020

–      Next stage of work on Donovan 2 would, subject to additional funding being available, entail drilling of priority targets identified by the survey


OPG Power Ventures (OPG.L) 16.75p £67m

Trading update for Nine Months of FY20


 For the nine months to 31 December 2019:

  • Total generation of 2.09 billion units (2.15 billion units for nine months FY19);
  • Plant Load Factor (“PLF”) at Chennai was 77% (79% for nine months FY19);
  • Average tariff for nine months FY20 was Rs 5.67 (Rs 5.33 for nine months FY 19);
  • £13.3m term loan principal repayment, representing 3.3 pence per share added in value to shareholders’ equity;
  • Gross debt reduced by 22 per cent to £62.5m (£80.4m at 31 March 2019);
  • FY19 full year scrip dividend of 0.6p per share (FY18: 1p per share) paid in January 2020.


Smartspace Software (SMRT.L) 32p £8.8m

 The leading provider of ‘Integrated Space Management Software’ for smart buildings, commercial spaces and hospitality, announced a new channel for the sale of its software on a SaaS basis through its partnership with Evoko, the market leading manufacturer of meeting room panels.

Evoko has today announced the launch of Naso, its next generation meeting room panel. Naso will be showcased to Evoko partners from around the globe attending the ISE trade show in Amsterdam.

As well as offering enhanced meeting room functionality built into the new Naso panel, Evoko will offer integrated software on a subscription basis enabling users to manage bookings via Microsoft Outlook and a new Naso App.

SmartSpace has worked with Evoko as its exclusive software partner to create the Naso software suite and its share of the revenues expected to be generated from the sale of Naso panels and associated software subscriptions helps support the Group’s expectations for the 2021 financial year.


Diurnal Group (DNL.L) 25p £21.7m

 HY Dec 19 results.

Strong revenue performance for Alkindi® ahead of further country launches in Europe, with operating losses reduced by 53%. Two major regulatory filings completed during the Period.

Alkindi® revenues of £1.1m, representing 516% year-on-year growth. Operating loss of £4.6m, a reduction of 53% year-on-year reflecting increased revenues and decreased investment in clinical development expenses. Held-to-maturity financial assets, cash and cash equivalents of £4.6m  In the US, Diurnal has received strong interest in Alkindi® and Chronocort® and will continue to progress licensing discussions.  Early stage pipeline progress continues; positive oral native testosterone clinical trial results. Diurnal is currently assessing the regulatory path for registration of DITEST™ in the key US market in order to determine the optimum development pathway, whether in-house or in collaboration with a partner.


Pressure Tech (PRES.L) 142.5p £26.5m

Notes the announcement by Greenlane Renewables Inc.  regarding its overnight marketed underwritten public offering. The proceeds of the proposed Offering are expected to be used for various purposes, including payment to Pressure Technologies against its outstanding promissory note.   There can be no assurance as to whether or when the Offering will be completed, or as to the actual size or terms of the Offering


Amiad Water Systems (AFS.L) 231p £54.5m

The producer of water treatment and filtration solutions, has received the Green Economy Mark by the London Stock Exchange (LSE) in recognition of its contribution to the global green economy. The recipients of the Green Economy Mark stand to benefit from becoming more visible and able to attract green or climate-aware investors and capital.  

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Derren Nathan
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